Netting Book

The 2016 edition of our summaries of the ISDA legal opinions on close-out netting is now available here.

The book summarises the close-out netting opinions that ISDA has obtained for its members from 63 jurisdictions, setting them out in easy-to-read tables.



All areas of the financial services industry have undergone fundamental transformation in recent years, as the volume of new regulation post-crisis has driven a shift in business structures. Financial institutions represent a key part of our national, European and global economies and account for a substantial, and highly important, proportion of our clients.

We advise banks of all sizes, investment managers, investment funds, hedge funds, securities houses, brokers, dealers, insurance companies, custodians, depositaries and a whole range of service providers and consultants to those in this industry – from over 60 countries. The range of markets we cover is similarly broad and stretches from the cash markets to fixed income and equity markets as well as metals, energy and other commodities.  

Our knowledge of the financial sector is extensive and reflects the diverse way in which financial and investment products are structured today, from funds and insurance and pensions products to loans, notes and bilateral investments.

Our leading finance and financial services teams provide expert, practical and innovative advice to our financial institutions clients, assisted by lawyers from across our practice groups, particularly competition, dispute resolution, investigations, privacy and information, tax, corporate, real estate, technology, pensions and employment.

We are proud that many of our lawyers have themselves worked in the industry, have been on secondment to financial institutions or have worked closely with trade bodies and regulators, so you can be sure that we fully understand your products and your markets.


Notable deals / highlights

  • Acting for a leading US lender active in the technology and life sciences sectors on a stream of UK and European transactions, including all aspects of the lending, security and related documentation in connection with the different facilities.

  • Advised Lehman Brothers Finance on the unwinding of its derivatives transactions as a result of the Lehman insolvencies.

  • Acting for a number of leading specialist real estate lenders on a series of lending transactions in the UK and Europe secured on real estate of all asset classes, including retail, office, hotels, student accommodation and in the healthcare sector.

  • Advised a global investment bank as swap provider on a series of asset backed security issuances, including on the engagement of a fronting swap provider into the structure on a back-to-back basis due to credit rating issues.

  • Advised B&CE Benefit Schemes on the establishment of novel insurance and pension products, including the policy terms for its stakeholder insurance based pension product, EasyBuild and recently the trust based People's Pension.

  • Acted on Re Lehman Brothers International (Europe) [2012] UK SC6: Supreme Court litigation on the meaning of the FSA's client money rules.

  • Advised a US investment bank on the taxation of securities derivatives, especially with reference to the income and capital treatment for UK retail investors.

  • Advised Threadneedle on its acquisition of the Liverpool Victoria asset management businesses.

Sector spotlight

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Sector activity stream